I had a 128 cobra with 100 studs and pulled 127 on the speedo down a plowed road and got out of the throttle a little early. I'm sure it would have broke 130 if I stayed in it.
I'm running 7.5 psi with stock compression.
Any snow cover at all, like what you may have had on the lake, will have a significant impact on top. Plus, your cobra will pull you down compared to the hacksaw.
But, you are more concerned about that ETEC hanging with you. You should be able to pull more mph than what you did, and as was mentioned earlier, you are making heat and not speed by evidence of the blown belt.
I just did the opposite of you,,,,I replaced my cobra with a hacksaw, mainly to get more life out of my slides. The cobra just sat too far off the bad snow surfaces I have been forced to endure this winter.
Now, my clutching is way off as I am underreving quite a bit. It seems that the lack of traction is causing the helix to allow an early upshift and I'm off the power peak. Was 10,600 now it is closer to 9,800. My top end has suffered.